We need more stablecoins! Bitfinex add GUSD and USDC

Bitfinex, together with Ethfinex, has announced the introduction of four new stablecoins. Bitfinex, a popular cryptocurrency exchange based in Hing Kong, added support for four new stablecoins – USDC, True USD, Paxos, and Gemini USD.

“From today customers can access all major stablecoins at Bitfinex, as we introduce USDC, True USD, Paxos, and Gemini USD to our existing Tether and Dai offering,” the company announced in its Twitter account.

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Bitfinex still holds the reigns on Tether and that maybe what is holding it back. Tether has been losing its tether in recent months and fell as low as $0.95 during the November crypto slump. Bitfinex reacted earlier in October by pulling 630 million USDT out of circulation but that failed to prevent the stablecoin losing its grip. As a result a slew of competing coins entered the market and are now gaining traction.

Apart from the main trading platform, new stable coins will be available on Ethfinex, which previously supported only USDT and Dai. Thus, now Bitfinex and Ethfinex support all major stablecoins, reflecting the current market situation and customers’ demand.

“At Bitfinex and Ethfinex we are dedicated to providing high quality, an unbiased meeting place for every ecosystem and customer. We were the first to introduce alternative stablecoins onto our platform, including Dai (an Ethereum collateralized stablecoin), and now proudly introduce the following established stablecoins: USDC, True USD, Paxos, and Gemini USD,” the company wrote in its blog post.

Launched in September, Ethfinex Trustless is the company’s entrance into the decentralized exchange market. “It allows users to trade against the liquid order books of Ethfinex and Bitfinex without surrendering custody of their funds, sacrificing privacy or speed of execution,” it added.

It is evident that Bitfinex realizes that Tether is in trouble, there is little use of a dollar pegged stablecoin that cannot hold its peg. At the time of writing USDT was trading at exactly $1 and holding it for the first time in over a month.